Question

Mullins Corporation uses the first in, first-out method in its process costing system. Data concerning the first processing department for the most recent month are listed below Beginning work in process inventory: Units in beginning work in process inventory Materials costs Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added during the month Ending work in process inventory Units in ending work in process inventory Percent complete with respect to materials Percent complete with respect to conversion 950 $ 12,eee $ 22,450 75% 65% 9,100 8,300 $164,300 $ 353, see 1,750 65% 50% The cost of a completed unit transferred out of the department is closest to (Round equivalent units to the nearest whole Intermediate calculations to 2 decimal places.) ber and round all other

Answer 1

Here I am giving you the detailed solution
In my first IMAGE...I prepared a statement showing Equivalent production using FIFO method
In my 2nd IMAGE.. calculation of total cost/unit for units transferred to next process
The answer would be 1 option i.e 60.13

(b) Calculation cost of Materials (unik) ost/unit of matesial = cost of platerto! => Units 164300 84 25 27 18183/nit Calculation of Cost unit of conversion cost Corst of connession costuit of Conversion Custo 27 41,30/units Celt Units 353 500 8557.5 Hence, total cost wouldke! Material coft -18-83 Conversion cost 7 44.30 Total 60.13